PHILIPPINE exports continued their strong performance this year, soaring 42.3% to $3.567 billion in February from $2.506 billion in the same month last year, according to the latest data from the National Statistics Office (NSO). This is the highest growth recorded in 14 years.
The February figure is, however, down 0.4% from $3.579 billion posted in January 2010.
For the first two months of the year, exports grew 42.4% to $7.146 billion from $5.017 billion in the same period last year.
Electronic products remained the country’s leading export item for the period, accounting for 58.1% of the total with earnings of $2.072 billion compared to $1.351 billion in February 2009.
Representing 3.6% of the total, Articles of Apparel and Clothing Accessories emerged as the second top export commodity for February with revenues amounting to $126.58 million from $145.92 million in the same month last year.
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships were the third top earner at $91.85 million from $30.05 million.
The country’s leading export destination for February was Japan, comprising 17.6% of the total exports. Shipments to Japan reached $627.04 million, up 55.4% from $403.44 million recorded a year ago.
The US followed with export earnings of $603.83 million or 16.9% of the total.
Singapore came in third with shipments amounting to $321.62 million and representing 9% of the total.
China ranked fourth with $296.28 million or 8.3% of the total. Germany came in fifth accounting for 8.2% of the total with earnings worth $291.20 million.
Other top ten markets for February 2010 were Hong Kong, $259.62 million; the Netherlands, $220.29 million; Republic of Korea, $169.61 million; Thailand, $133.76 million; and Taiwan, $105.98 million.
Overall export receipts from the country’s top ten markets hit $3.029 billion or 84.9% of the total.
